Free Market VS PLanned Economy
Jose Ramon Neira Tejeda
Economics 12 NS
Economy is a Careful, thrifty management of resources, such as money, materials, or labor in a specific country, region or community.
A Planned Economy is a economic system, where all economic decision are made by planners. the planners determine what kind of goods and services to produce, what should the price of this good and services be and allocated. Most known planned economies rely on plans made by the way of command, therefore they are widely known as command economies. Command Economies (Planned Economies) are generally associated with socialist or communist economy systems.
A free market economy is an economy where the allocation of resources is determined only by their supply and the demand for them.
All the economic systems are based on different philosophical stand than others. These differences are caused by the different responses that each economy has to the problem of scarcity. However, economies don’t always work and take some components from each system to develop an economy that works. however economies are graded as being free market economies or planned economies using a tool called the economic spectrum, where the planned economies are placed on the left and the free market economies on the right.
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ResponderEliminarI just accidentally deleted my comment, here it is.
ResponderEliminarJose, I'm so glad to see that you finally posted your essay (: Your post was a bit short and if it was longer it would have given you time to expand and talk about each of the economies in more detail and you should have read over it to double check your grammar and spelling. You pretty much defined the types of economies instead of contrasting them based on their good points and bad points. I wasn't exactly sure about what you said about the planned and that stuff, maybe because I'm not exactly familiar with how planned economies are carried out. To make it better expand on each of the economic systems adding more detail, for example, free market economies have little to no government interference. Also it would help to have a more convincing introduction to attract readers. I would have also really liked to see what your personal opinion of which type of economy is better and why.
I agree with Camila, you did an overall good work, but you should have expanded more in your ideas, you explained well both economies and i liked how you defined economy, but you might want to add more information about the economies, such as the countries who use it or used it. Try comenting with a conclusion that has your point of view about each eonomy.
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